On Monday, July 12, 2010, Bill C-9, the Jobs And Economic Growth Act, received Royal Assent.

As previously reported, Bill C-9 was introduced on March 29, 2010 and is omnibus legislation that amends various Acts to implement certain key measures outlined in the federal government’s 2010 Budget.

Amendments to the Pension Benefits Standards Act (“PBSA”) setting out new solvency funding rules for federally-registered defined benefit plans are now in force (associated regulations were released on June 25, 2010).

New rules governing the division of pension entitlements on relationship breakdown and allowing the Superintendent of Financial Institutions to appoint an actuary to conduct a valuation of a plan are also now in force.

Further amendments to the PBSA, including amendments to allow employers to negotiate “distressed plan workout schemes” to reduce their solvency funding obligations and amendments providing for the payment of variable benefits from defined contribution plans, will be ordered into force at a later date.

Amendments to the Excise Tax Act that will generally increase HST obligations for employers paying pension plan expenses are also now in force, retroactive to the first financial year beginning after September 23, 2009.

A detailed discussion of the government’s 2010 Budget is available in our FTR Now of March 5, 2010.